Saturno Brazil Pre-Salt Acreage Goes to Shell and Chevron
Shell Brazil Petróleo Ltda and bid consortium member Chevron Brasil Óleo & Gás Ltda won a 35-year production sharing contract Friday for the Saturno pre-salt block in the Santos Basin offshore Brazil, Shell reported.
“We are pleased to add another material, operated exploration position to our leading portfolio in one of the world’s most prolific deep-water areas,” Shell Upstream Director Andy Brown said in a prepared statement.
Shell and Chevron acquired Saturno in Brazil’s Fifth Production Sharing Round, offered by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP). The companies each own a 50-percent interest in the block and Shell will serve as operator. Shell noted that the new block increases its total net acreage off the coast of Brazil to approximately 2.7 million acres. It added that it will engage with Chevron to define exploration drilling plans.
Shell also stated Friday that next year it plans to drill the Alto de Cabo Frio West and South Gato do Mato pre-salt fields in the Santos Basin. The company plans to drill the Alto de Cabo Frio West and South Gato do Mato pre-salt fields in the Santos Basin. Also, the company reported that it is proceeding with seismic studies to mature two exploration blocks earlier this year. next year and is proceeding with seismic studies to mature two exploration blocks awarded earlier this year.
In a separate announcement, ANP stated that all four blocks in the Fifth Production Sharing Round have been acquired. In addition to Saturno, other blocks that were awarded include:
- Teat, located in Santos Basin, went to ExxonMobil Brasil (64 percent) and QPI Brasil (36 percent)
- Pau-Brasil, also located in Santos Basin, went to BP Energy (50 percent), Ecopetrol (20 percent) and CNOOC Petroleum (30 percent)
- Sudoeste de Tartaruga Verde, located in Campos Basin, went to Petrobras
“It was the first production sharing round with more than one block on offer to have 100 percent of the areas acquired,” Décio Oddone, ANP’s director general, stated.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension